quiz 2Fall2018 (1) Compatibility Mode - Saved to this PC nces Mailings Review Vi

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quiz 2Fall2018 (1) Compatibility Mode - Saved to this PC nces Mailings Review View Help AaBiCeDd AaBbCcl AaBbCcl AaBbC AaBb Paragraph Styles Which of the following is not an explanation of the positive relationship between quantity supplied of a good and the price of that good? 1. a The income effect b. The substitution effect c· The prices of complements d. All of the above 2. Which of the following will not shift the demand curve for oranges today? a An increase in the price of labor b. Expected higher prices for oranges c. An increase in income d. A reduction in the price of apples 3. If the price of computers increases a. The demand curve for computers will shift to the right b. The supply curve for computers will shift to the right c. The supply of CDs will fall d. There will be a movement along the supply curve for computers When the price of good X falls, there is an increase in the demand for good Y. This means that good X and good Y are 4. a. Substitutes b. Complements c. Unrelated d. Inferior goods If consumers expect the future price of Heineken to increase, they will a demand more Heineken today b. save more today c., demand less goods today d. do none of the above

Explanation / Answer

Q1 option d , all these explain Demand curve explanation

Q2 option a, as input cost increases, so supply is affected, demand is unchanged.

Q3 there will be movement along the demand curve , & no shifting. As price increase, so supply of computer will increase,

Option d

Q4 option b, as both goods x & y are jointly consumed

Q5 option a

As in future price will increase, so it's better to consume it today.

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